NRX Pharmaceuticals, Inc.

We cannot assure you that the Potential Reverse Split will increase the price of our Common Stock.

If the Potential Reverse Split is implemented, our Board of Directors expects that it will increase the market price of our Common Stock. However, the effect of the Potential Reverse Split upon the market price of our Common Stock cannot be predicted with any certainty, and the history of similar stock splits for companies in like circumstances is varied.

A decline in the market price of our Common Stock after the Potential Reverse Split is implemented may result in a greater percentage decline than would occur in the absence of the Potential Reverse Split.

If the Potential Reverse Split is implemented and the market price of our Common Stock declines, the percentage decline may be greater than would occur in the absence of the Potential Reverse Split. The market price of our Common Stock will, however, also be based upon our performance and other factors, which are unrelated to the number of shares of Common Stock outstanding.